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Editor’s Note: This story was originally Penny Horder.
Adjusting to a fixed income in retirement can be difficult, especially if you’re living on less money.
Just because you quit your job doesn’t mean you’ll stop paying bills or buying groceries. If you are planning vacations or trips to the golf course, those should be added to your budget as well.
Droucelle Ramage, a self-described frugal retiree, told The Penny Hoarder:
Ramage says shopping at thrift stores, attending free community events, and choosing local acupuncture over going to expensive private practitioners has helped her keep her costs down. .
Volunteering at her church and local senior center has kept Ramage busy without spending money. This is an advantage of American Airlines where she has worked for over 20 years.
Knowing how to cut costs is key to enjoying a frugal retirement. Here’s how to save money for retirement.
1. Get a roommate or two
Retirement loneliness can negatively impact health and quality of life. A live-in company not only reduces loneliness, but also reduces housing costs.
If you live alone, consider sharing a location with friends or family Living with other retirees for savings.
2. Miniaturization into smaller spaces
Perhaps your thoughts on a frugal retirement don’t include sharing your living space.
Tiny homes, tiny homes, or RVs have several financial advantages. Less rent and mortgage payments. Public utility bills will go down. Less home maintenance and repairs to worry about.
Reducing the size allows you to: sell all the furniture No extra cash needed.
3. Rent out your child’s old room
If you don’t want to sell your family home or get a long-term roommate, you can make money out of your empty nest by turning unused space into short-term rentals.
You can get your room back when your child visits on vacation. Alternatively, you can choose to pay a daily rate.
About this guide How to become an Airbnb host let’s start.
4. Reduce Grocery Costs
Reducing your grocery spending is a great way to make a big impact on your frugal retirement.
Clip coupons, find ways to reduce food waste, buy generics, start a vegetable garden, and shop at low-price stores like Aldi and Trader Joe’s.
There are other ways to reduce spending on produce, such as participating in community-supported farming programs.
You can also try the opposite approach and put more money back in your pocket when you shop. get rewards Upload your grocery receipts to earn points for prestigious gift cards.
Bonus: If you feel like eating out, read these 26 ways. save money at restaurants.
5. Save on medical costs
Health care can be your biggest expense after retirement. At age 65, you will be eligible for Medicare. It’s not free — the standard Part B premium alone is $164.90 per month in 2023.
But you can have a frugal retirement without compromising your health.
Have a question about healthcare?
Have a question about Medicare? Or wondering if another plan could save you money?
of State Health Insurance Assistance Program, or SHIP, is a national network of trained nonprofit volunteers who provide one-on-one counseling and education to Medicare beneficiaries. The best part: All SHIP services are free.You can find your state number here.
For early retirees who aren’t yet eligible for Medicare, save money with prescription drug cards and apps like GoodRx.
Exercise is another important part of good health. A cheap gym membership or a home his gym under $100 can help improve your health.
6. Find low-cost ways to stay entertained and social
Keep busy in retirement without emptying your wallet.
Fill your social calendar by volunteering at your favorite nonprofit, hosting a potluck dinner with friends, or starting a Murder Mystery Book Club. Check out free services at the library, such as sign language classes and museum passes.
See this list 100 free stuff Things to do when you’re bored.
Volunteering is a great inexpensive way to give back. If you guide them to the theater, they may come with some nice perks, such as free admission to the play.
7. Save money on trips on your to-do list
Able to retire frugally and travel. It takes smart planning and perhaps some compromises such as avoiding peak tourist season and driving a car instead of flying.
these are travel tips Helps keep costs down.
8. Take advantage of discounts
Don’t be afraid to share your age.
From retailers and restaurants to airlines and hotels, many companies offer lower prices for seniors.some offers discounts for customers Young as 50 years old.
9. Continuing education for free
There are opportunities for seniors to play an active role nationwide free or cheap college coursesBe a lifelong learner and take classes on the subject you’ve always wanted to know.
10. Buy second hand
Instead of walking around the mall for new clothes and home décor, try a thrift storeconsignment or online distributors to win deals.
11. Sell what you don’t use
You know that china set that collects dust? Stop telling yourself that you will pass it on to your children. Instead, get cash for the dishes along with all other unused items around the house.
If you want to sell directly, hold a garage sale. Or, go the digital route and sell your items online on eBay or lesser-known sites. online flea market.
12. Pay off lingering debt
If the debt is cleared sooner or later, the reward will be doubled.
Paying off debt early means less overall interest payments. You can also free up more cash when your monthly payment obligations are gone.
Paying more than the minimum amount, negotiating a lower interest rate, and making bi-weekly payments can reduce your debt burden.